Australia to double tax rate for wealthiest pension savers

The change to the concessional rate will affect around 80,000 people. (Image: Getty)

Fri, 03 Mar 2023

By Swati Pandey and Ben WestcottAustralia’s government plans to double the tax rate on large pension balances to 30% from 2025-26, saying the change will impact less than 0.5% of account holders and make the system more sustainable.The surprise decision to target those with superannuation balances above A$3 million ($2 million) comes as the government confronts rising debt amid growing spending pressures on defence, health, aged-care and disability support, Treasurer Jim Chalmers said.“These challenges mean we need to make responsib...

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